Thailand's Securities and Exchange Commission has filed a criminal complaint against crypto exchange Bitkub and two former directors, alleging that false reports were submitted to the regulator after a 2021 hack.

The complaint, filed with Thailand's Economic Crime Suppression Division, centers on a May 2021 cyberattack in which 16 types of digital assets worth 1.7 billion baht, or about $47 million, were drained from the exchange, according to reports in local media.

The SEC alleges that Bitkub's daily net-capital filings from May to October 2021 showed no significant change in the company's assets and did not reflect the loss. The regulator says that omission concealed the theft and violated Thailand's Digital Asset Business Decree. For licensed digital-asset businesses, net-capital and custody-related reporting is a core supervisory tool because it allows regulators to assess whether an exchange can meet obligations to customers and continue operating after a material loss.

The two former directors named in the complaint, Sakolkorn Sakavee and Thaweesap Rawan, are accused of making false entries intended to mislead the regulator into believing that customer assets remained intact. The matter will now move to police and prosecutors, who will decide whether to bring the case to court. The filing of a criminal complaint is not a court judgment, and the allegations would have to be tested through the criminal process if prosecutors proceed.

Bitkub said the case concerns a reporting decision made five years ago and said customer funds are safe. The company said those responsible chose not to disclose the wallet theft because they wanted to avoid triggering panic withdrawals or a bank run. Bitkub said its co-founders purchased replacement assets in the same amounts, leaving neither the company nor its customers out of pocket. It added that the SEC had confirmed its holdings were intact as of September 2025.

คลิปวิดีโอแถลงการณ์จากคุณสกลกรย์ สระกวี อดีตกรรมการ บริษัท บิทคับ ออนไลน์ จำกัด . อ้างอิงจาก . #Bitkub pic.twitter.com/6mcWG33FOo — Bitkub.com (@BitkubOfficial) July 23, 2026

คลิปวิดีโอแถลงการณ์จากคุณสกลกรย์ สระกวี อดีตกรรมการ บริษัท บิทคับ ออนไลน์ จำกัด . อ้างอิงจาก . #Bitkub pic.twitter.com/6mcWG33FOo

— Bitkub.com (@BitkubOfficial) July 23, 2026

In a video statement posted to Facebook, Sakolkorn took sole responsibility, according to a translation by the Bangkok Post. The former director reportedly said he personally altered the filings without informing other directors or staff. He also said he withheld news of the hack because he feared panic withdrawals and a "bank run" that could have destroyed the exchange.

Sakolkorn added that Bitkub's founders used their own money to repurchase the stolen assets until every customer had been repaid. He apologized, resigned from the company's boards, and said he would cooperate with regulators.

The complaint comes as Bitkub, once Thailand's dominant crypto exchange, continues work toward a public listing. The exchange has since been overtaken by Binance's local arm, Binance TH, which ranks 31st among global exchanges compared with Bitkub's 68th place, according to CoinMarketCap.

Bitkub shelved a planned initial public offering on the Stock Exchange of Thailand in November 2025 as the local market slumped. The company was also weighing a $200 million offering in Hong Kong instead. Any public-listing plan would put Bitkub's governance, regulatory history, and controls under additional review by exchanges, regulators, and prospective investors.